Question 3 - Workers Wood Products (12 marks) Workers Wood Products Lid (WWP) is a small custom wood working business located just outside of London, Ontario. WWP uses a job-order costing system to keep track of the costs for all of its jobs. At the beginning of the year, the proprietor, Troy Polamalu, estimated that his manufacturing overhead was going to be $185,000 for the year. Because the largest percentage of costs were raw materials, manufacturing overhead was applied based on the cost of raw materials. Total raw materials for the year was expected to be $223,330. The following was the only production data recorded for September. Sept 1 WIP Direct Costs Added During Sept Job ID Inventory Direct Materials | Direct Labour Tab 15 4,393 $ 2.197 $ 879 Hut32 1,757 $ 3,690 $ 2,197 Tab 16 3,515 $ 3,778 $ 3,075 Bar1 $ 4,393 $ 2, 109 NOTE: If the data above is blank it means you haven't entered your student number on the Cover tab. Job Tab16 was finished during the month and delivered to the customer (sold) before the end of September. Jobs Hut32 and Bar19 were not yet complete at the end of September. Job Tab15 was finished at the end of September but had not yet been invoiced or delivered to the customer prior to month end. Required: Please answer the following 4 questions using the data above. I have left space after each question for your to do your work. If you need more space you can insert rows. Please do not use column A as I would like to use it to record my marking. 1 What was the predetermined overhead rate to be used to apply manufacturing overhead to jobs? (2 marks) 2 What is the Work-In-Process Inventory balance at the end of September? (4 marks) 3 Actual overhead incurred in Sept. was $ 10.148 NOTE: If there is no number in the box to the left it means you haven't entered your student number on the Cover tab. What was the over/underapplied overhead? (2 marks) 4 If $6.450 was the costs for a Job Bar18 (invoiced in September) that was in Finished Goods Inventory at the beginning of September: a) what was cost of goods sold for the month of September? WWP closes out its over/under applied overhead to cost of goods sold. (3 marks) b) what is the balance in Finished Goods Inventory at the end of September? (1 mark)